https://www.taxtmi.com/circulars?id=57728 SEBI clarifies that beneficial ownership under PMLA Rules applies only for KYC and not for FPI eligibility; NRIs/OCIs/RIs may be constituents if a single contribution is below 25% and aggregate contributions are below 50%, and they are not in control of the FPI. Investment managers owned or controlled by NRIs/OCIs/RIs may control FPIs only if the IM is regulated and registers as a non-investing FPI or is incorporated and registered in India. Exceptions include FPIs investing only in mutual funds and offshore funds with a no-objection certificate. A two-year transition and a 90-day cure period are provided. en-us Fri, 21 Sep 2018 00:00:00 +0530 Tue, 27 Nov 2018 14:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=57728 SEBI clarifies that beneficial ownership under PMLA Rules applies only for KYC and not for FPI eligibility; NRIs/OCIs/RIs may be constituents if a single contribution is below 25% and aggregate contributions are below 50%, and they are not in control of the FPI. Investment managers owned or controlled by NRIs/OCIs/RIs may control FPIs only if the IM is regulated and registers as a non-investing FPI or is incorporated and registered in India. Exceptions include FPIs investing only in mutual funds and offshore funds with a no-objection certificate. A two-year transition and a 90-day cure period are provided. Circulars SEBI Fri, 21 Sep 2018 00:00:00 +0530 https://www.taxtmi.com/circulars?id=57728